10. As in many other jurisdictions, it is key to evaluate the tax impact on the acquisition structure, the operation of the business and the exit strategy.

Tax legislation, which is subject to frequent changes and highly influenced by political factors, contemplates matters that may play a significant role in determining the holding and operating structure of the venture, including recent legislation (not yet regulated in detail) which taxed capital gains from the sale of unlisted shares and the payment of cash dividends, the possibility of applying Double-Taxation Conventions to which Argentina is a party, the aggravated treatment granted to passive income of residents of “tax havens”, the transfer pricing provisions applicable to transactions among affiliates, the benefits granted to business reorganizations (mergers and the like) within an economic group, etc.